Vehicle sales Vietnam in September rose 20.6% year-on-year (y-o-y), to 8,465 units, according to the Vietnam Automobile Manufacturers Association (VAMA). Although we have maintained for some time that sales in the passenger car segment will outperform the commercial vehicle (CV) segment, the divergence between the two segments has become even starker. While 9M13 passenger car sales grew 40.0% y-o-y, to 39,761 units, CV sales remains roughly unchanged at 26,125 units (this comparison excludes sales from Mercedes-Benz). We are happy to maintain our 2013 CV sales growth forecast at 4.0%, to 37,000 units. However, we acknowledge the fact that growth in passenger car sales continues to exceed our bullish forecast and once again, we intend to upgrade our forecast as we expect car sales to register ...